Bank DNB analysts say that it is clear when evaluating Lithuania's short-term export prospects that the first six months of 2015 will be the hardest. Producers who incurred losses due to harsh sanctions imposed by Russia are now reorienting towards new markets and reforming their business models.
Indrė Genytė-Pikčienė
© DELFI / Šarūnas Mažeika

"In the second half of the year we should see export recovery. Influence of statistical comparative base due to Russia's embargo will disappear. Moreover, Lithuanian exporters should benefit from recovering Western markets. Industrialists are optimistic as well - industrial confidence indicator rose to a positive figure in March and improved even more in April," said Indrė Genytė-Pikčienė, senior analyst at DNB.

Based on the data of Statistics Lithuania, Lithuania's export (excluding mineral products) increased by 0.4 percent in March 2015 on a year-on-year basis. Export of Lithuanian origin goods increased by 0.3 percent. However, if Orlen Lietuva influence is excluded, then the growth was by 3.2 percent higher than a year ago. The significance of export of local origin goods is much greater for Lithuanian economy because it is created by the biggest employer and taxpayer - the manufacturing industry. Although the first months of 2015 were rather successful for manufacturing industries as its production grew by 5 percent, excluding petroleum products, nonetheless it is obvious that it was more difficult to realise goods Lithuania-produced goods in foreign markets.

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